Massachusetts Mutual Life Insurance Co. has lost its AAA rating by Standard & Poor's, due to the value decline in its asset management units.

The 158-year-old firm's credit and financial strength ratings dropped to AA+ "because of its lower quality of capital and reduced financial flexibility," S&P said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.